There were three different versions of the Panama Hat; 1984/85 puggaree band, 1986 braided leather band, and 1987 grosgrain band.
From the 1985 catalogue: “When our most swashbuckling president wore his jauntiest star hat to oversee construction of the Panama Canal, every American male suddenly had to have one. But, unlike Teddy Roosevelt himself, these stylish fellows had to get their Panamas from Ecuador. For the Panama got its name neither for its country of origin, nor the canal that made it famous–it’s so-called because North American sailors first discovered the Ecuadorian product on sale in Panama. Like all the finest Panamas these days, ours is hand-plaited in Ecuador of fibers from the jipijapa plant, then steamed and shaped right here in the USA.”
These photos from eBay May 2021 show a Panama Hat with a navy blue puggaree hatband. This variation is not shown in the catalogues.